James Seyffart, research analyst at Bloomberg ETF, recently commented on the rumors about the impending approval of spot Bitcoin ETFs on Twitter. In contrast to the rumors circulating, Seyffart expressed his skepticism as to whether the stock market regulator would give the green light tomorrow. Instead, he suggested a time frame for possible approval.
Responding to TechCrunch's post suggesting Bitcoin spot ETF approval tomorrow, Seyffart clarified that he expects this significant event to occur between January 8th and 10th. Seyffart dismisses the idea of immediate approval, comparing his timeline with other experts' predictions that diverge from Crypto Twitter speculation.
Impact of Matrixport on Market:
Earlier this week, Matrixport's report cast doubt on the likelihood of the SEC approving spot Bitcoin ETFs in January. This unexpected revelation was believed to trigger a 7% Bitcoin crash, undermining the $45,000 mark.
Traders subsequently faced a wave of liquidations totaling $730 million, mostly in Bitcoin and Ethereum positions, as they sought to protect their assets amid market turmoil.
Lark Davis' Perspective:
Crypto influencer Lark Davis provided an alternative viewpoint, claiming that Bitcoin's path to a new all-time high (ATH) does not depend on ETF approval. Davis highlighted Bitcoin's previous high at $69,000 without a US BTC ETF or broad institutional support, emphasizing Bitcoin's ability to thrive independently.
He explained: “Bitcoin reached $69,000 without a USA BTC ETF. Without every institutional sales team forcing it on their customers. Without a Hong Kong ETF. Without fair accounting rules.” Davis remains optimistic about Bitcoin’s potential to reach a $10 trillion market cap without the need for immediate ETF validation.
Anticipation for Bitcoin ETF approval continues, with Seyffart providing a nuanced timeline and Davis emphasizing Bitcoin's resilience beyond regulatory approval.
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